Speculator: One who bought stocks that went down.

How we love to blame others for our misfortunes! Almost every individual who has lost money in stock speculation has on the tip of his tongue an explanation which he trots out to show that it wasn’t his own fault at all. Hardly one loser has the manliness to say frankly, I was wrong.

[On investing in Japanese bank stocks in 2002] There was no research, no price-earnings ratios, basically no standard road map or Global Positioning System for investors. The scientists were lost.

The stock market is a device for transferring money from the impatient to the patient.

[On investing in stocks] I don’t throw darts at a board. I bet on sure things. Read Sun-tzu, The Art of War. Every battle is won before it is ever fought.

We are not ‘permabears’ and recognize that stocks could rally well before we emerge from this economic quagmire.

We must constantly ask ourselves: how much of the bad news is already priced into stocks?

We may be 2 or 3 weeks late, but this is not another dead cat bounce or a bear market rally; this is the real thing, and we need to get invested.

Their earnings are way down. It’s time for management to go.

There’s nothing more agonizing than to see your neighbor who you think has an IQ 30 points below you getting rich buying stocks.